Soybeans futures are trading 2 to 11 cents higher to start Wednesday, They experienced a classic Turnaround Tuesday fade of a Monday rally following forecasts for coverage over the Corn Belt for the next week and weaker product values. Beans were down 12 to 19 cents across the board. Soymeal futures were down $4.40 to $7.50/ton, with Soy Oil futures falling 63 to 102 points.
Crop Progress data indicated US crop ratings were down 3% to 67% gd/ex, as the Brugler500 index was 8 points worse to 368. Across the US, just LA, MO and TN saw improved conditions, as NE was unch. IN was hit the hardest, down 21 points on the Brugler500 scale, with OH 15 lower and IL slipping 7 points. MN saw some of the flooding impact, down 14 points, with SD down 8 points and IA losing 4 points.
Soybean acreage estimates ahead of Friday’s survey driven Acreage report are for 86.753 million acres. That would be 243,000 acres above the March Intentions number. The range of estimates in the various surveys runs about 1 million acres in either direction at 85.5 to 87.5 million acres. Any flooding related area losses will be deducted later on from harvested acres, and not in this report.
Quarterly Grain Stocks data is expected to show 962 mbu of soybeans on hand at the end of the third quarter (June 1). That would be up 166 mu from last year’s 796 mbu, with trade ideas anywhere from 861 mbu on the low end to 1.015 bbu for those more bearish.
Jul 24 Soybeans closed at $11.63 1/4, down 12 cents, currently up 11 cents
Nearby Cash was $11.10 5/8, down 12 1/2 cents,
Aug 24 Soybeans closed at $11.45 1/2, down 15 cents, currently up 7 ½ cents
Nov 24 Soybeans closed at $11.11 1/2, down 19 cents, currently up 2 cents
New Crop Cash was $10.57 3/8, down 18 1/4 cents,
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